Indexes Take Lumps on Growth Jitters

Stocks dropped on Friday as jitters over the global economy were sparked by dreadful manufacturing data out of Europe and the Federal Reserve's cautious outlook on the U.S. economy.

The Dow Jones Industrial Average plummeted 264.79 points, or 1%, to open the week’s final session at 25,697.72, as Nike shares underperformed.

The S&P 500 dumped 27.51 points to 2,828.37, led by declines in the energy and financials sectors.

The NASDAQ Composite dropped 86.2 points to 7,752.76

Nike shares also pressured stocks. The “Just-Do-It” company's stock fell 4.7% on the back of weak quarterly sales growth in North America

Prices for the benchmark 10-year U.S. Treasury spiked, weighing yields to 2.45% from Thursday’s 2.54%. Treasury prices and yields move in opposite directions.

Oil prices fell $1.10 to $58.88 U.S. a barrel.

Gold prices added $7.00 to $1,314.30 U.S. an ounce.